**Highlights From The BRICS Summit In Brazil**
**The BRICS summit took place on Wednesday and Thursday in Brazil.**
The leaders of the emerging economies of Brazil, Russia, India, China, and South Africa gathered to discuss new economic opportunities and political disagreements. A key topic on the agenda was how they can attract more investments into their countries’ economies. The global economic downturn has especially impacted the BRICS nations, underscoring the need for greater cooperation within the economic alliance. Notably, China stands as Brazil’s top trading partner, with a significant $98.7 billion in trade exchanged between the two countries last year.
An important outcome of the summit was China giving the green light for exports from 45 of Brazil’s meat plants, following extensive negotiations. Furthermore, ahead of the meeting, two state-owned Chinese oil companies, along with Brazil’s Petroleo Brasileiro SA, made substantial bids in a major oil auction. In a broader context, Chinese officials expressed their desire for the bloc to “support multilateralism in the midst of unprecedented challenges and increasing protectionism,” likely referring to the ongoing trade tensions between the US and China.
Nevertheless, the summit was not free from controversy. There exists a notable division within BRICS concerning their perspectives on the crisis in Venezuela. Brazil’s recently elected far-right president is openly critical of the situation in socialist-led Venezuela, while Russia and China have continued to support the current government throughout the turmoil. The opposing factions agreed to address their differing views in private, opting to keep their disagreements out of the joint declaration that marked the conclusion of the talks. All parties affirmed their commitment to keeping the summit centered on economic challenges in the face of a sluggish global economy.
